a small firework that burns with a fizz and finishes with a small explosion

a short witty or satirical speech or piece of writing

archaic to utter or publish squibs

It is a sport now to taunt and squib and deride at other men's virtues — Bunyan

Aus, informal

to produce squibs against (somebody) or lampoon them

I have been squibbing him for these two years — Disraeli

(often + off) to shoot or fire (a gun)

squibbing off all six barrels — Kipling

Aus, informal to back down from (a challenge)